National retailer takes 50,000 SF of office space on Park Avenue.
GUS DELAPORTE 1/15 7:45AM Retailer Talbots has signed a 12-year, 49,574-square-foot lease for office space on the second floor of 2 Park Avenue, The Commercial Observer has learned. The tenant will pay rent in the low $50s per square foot, according to data from CompStak. A previous lease for Penn Mutual on the building’s third floor saw the tenant pay rent in the high $40s per square foot.
2 Park Avenue (courtesy of PropertyShark)Talbots, a national retailer of women’s clothing and accessories, was founded in 1947 in Hingham, Mass., where the company continues to be headquartered. It was acquired by Sycamore Partners, a private equity firm, for $369 million in 2012. Built by Ely Jacques Kahn in 1927, the Art Deco tower at 2 Park Avenue boasts 29 stories and a private parking garage. Located between 32nd Street and 33rd Street, the property is also home to a number of retail tenants including Artisanal, Europa Café, Pret a Manger, Chase and HSBC. The landlord, Morgan Stanley, acquired 2 Park Avenue for $519 million in 2007. The building has previously been home to both Newsday and Times Mirror Inc., and, more recently,Bonnier Corporation. Elsewhere in the building, Medical Liability Mutual Insurance Company signed a long-term renewal of its 54,000-square-foot lease at the building, according to a source familiar with the transaction. A Cushman & Wakefield leasing team of Tara Stacom, Mitchell Arkin, David Green, Whitten Morris and Lauren Hayes represents the landlord at 2 Park Avenue. Information on Talbots representation was not immediately available.